Overview

• Kroger reported adjusted EPS of $1.49 for the first quarter, topping analysts’ $1.45 estimate but posting $45.12 billion in revenue, slightly below forecasts.
• The company lifted its full-year identical sales growth guidance to 2.25%–3.25% from 2%–3% after same-store sales excluding fuel rose 3.2%.
• E-commerce sales jumped 15% year over year as Kroger simplified promotions, lowered prices on over 2,000 items and plans to introduce 80 new protein products under its Simple Truth private-label brand.
• The retailer will close about 60 underperforming stores over the next 18 months, triggering a $100 million impairment charge in the quarter.
• Interim CEO Ron Sargent is guiding Kroger through its ongoing legal battle with Albertsons and the search for a permanent successor following Rodney McMullen’s resignation.